Banana Republic retreats from Stony Point Fashion Park

9.29R Banana Republic building

Banana Republic recently closed its Stony Point Fashion Park store. (Jack Jacobs photo)

A clothing chain has buttoned up its Stony Point Fashion Park presence as part of a larger national drawdown of brick-and-mortar stores.

Banana Republic shuttered its store last week in the south Richmond mall, a company spokeswoman confirmed Tuesday.

Gap, the parent company of Banana Republic, announced in October 2020 that it would close 30 percent of its Gap and Banana Republic stores in North America, or about 350 locations, by the end of 2023.

“As we adapt to the current market conditions and meet the surge in online demand, we are looking thoughtfully at our real estate to support the best path forward,” the spokeswoman said in an email.

“We remain committed to making appropriate and timely decisions on stores that don’t fit our vision for the future of Gap Inc. and are confident these closures will strengthen our company moving forward.”

9.10R Stony Point Sign

The 687,000-square-foot mall is 67 percent occupied. (BizSense file)

There is now just one Banana Republic store left in the region, situated in Short Pump Town Center, according to the company’s website.

The Stony Point Banana Republic was located in suite 178, across from Vineyard Vines and near Saks Fifth Avenue.

Banana Republic’s departure comes shortly after Stony Point Fashion Park was listed for sale.

The listing showed the mall at 67 percent occupancy. Recent tenant arrivals at Stony Point include cooking school Edible Education and axe range Stumpy’s Hatchet House, while several tenants cleared out during the pandemic, including Panera Bread, Les Crepes and Sur La Table.

9.29R Banana Republic building

Banana Republic recently closed its Stony Point Fashion Park store. (Jack Jacobs photo)

A clothing chain has buttoned up its Stony Point Fashion Park presence as part of a larger national drawdown of brick-and-mortar stores.

Banana Republic shuttered its store last week in the south Richmond mall, a company spokeswoman confirmed Tuesday.

Gap, the parent company of Banana Republic, announced in October 2020 that it would close 30 percent of its Gap and Banana Republic stores in North America, or about 350 locations, by the end of 2023.

“As we adapt to the current market conditions and meet the surge in online demand, we are looking thoughtfully at our real estate to support the best path forward,” the spokeswoman said in an email.

“We remain committed to making appropriate and timely decisions on stores that don’t fit our vision for the future of Gap Inc. and are confident these closures will strengthen our company moving forward.”

9.10R Stony Point Sign

The 687,000-square-foot mall is 67 percent occupied. (BizSense file)

There is now just one Banana Republic store left in the region, situated in Short Pump Town Center, according to the company’s website.

The Stony Point Banana Republic was located in suite 178, across from Vineyard Vines and near Saks Fifth Avenue.

Banana Republic’s departure comes shortly after Stony Point Fashion Park was listed for sale.

The listing showed the mall at 67 percent occupancy. Recent tenant arrivals at Stony Point include cooking school Edible Education and axe range Stumpy’s Hatchet House, while several tenants cleared out during the pandemic, including Panera Bread, Les Crepes and Sur La Table.

This story is for our paid subscribers only. Please become one of the thousands of BizSense Pro readers today!

Your subscription has expired. Renew now by choosing a subscription below!

For more informaiton, head over to your profile.

Profile


SUBSCRIBE NOW

 — 

 — 

 — 

TERMS OF SERVICE:

ALL MEMBERSHIPS RENEW AUTOMATICALLY. YOU WILL BE CHARGED FOR A 1 YEAR MEMBERSHIP RENEWAL AT THE RATE IN EFFECT AT THAT TIME UNLESS YOU CANCEL YOUR MEMBERSHIP BY LOGGING IN OR BY CONTACTING [email protected].

ALL CHARGES FOR MONTHLY OR ANNUAL MEMBERSHIPS ARE NONREFUNDABLE.

EACH MEMBERSHIP WILL ONLY FUNCTION ON UP TO 3 MACHINES. ACCOUNTS ABUSING THAT LIMIT WILL BE DISCONTINUED.

FOR ASSISTANCE WITH YOUR MEMBERSHIP PLEASE EMAIL [email protected]




Return to Homepage

POSTED IN Commercial Real Estate, Retail

Editor's Picks

Subscribe
Notify of
guest

2 Comments
oldest
newest most voted
Inline Feedbacks
View all comments
Michael Dodson
Michael Dodson
3 years ago

Sad but not surprising given GAP/BP closed 225 stores in 2020 and 350 this year with plans to close another 200-300 by the end of 2023. The chain, like so many others, is fleeing brick and mortar locations.

Last edited 3 years ago by Michael Dodson
kay christensen
kay christensen
3 years ago
Reply to  Michael Dodson

GAP has been dying a slow painful death for years-being dragged down by their namesake brand- GAP and Banana Republic. Their salvation is Old Navy and Athleta. GAP and Banana need a radical makeover to survive or otherwise jettisoned.